Inflation soars from 1.3% in March 2021 in euro area
Eurozone annual inflation rate was at 7.4% in March, up from 5.9% in February and 1.3% in March 2021, according to official figures on Thursday.
The inflation rate also rose to 7.8% in the EU, from 6.2% in the previous month and 1.7% in the same month last year, Eurostat released.
The euro area or the EA19 represents the member states that use the euro as their single currency, while the EU27 includes all member countries of the bloc.
“Compared with February, annual inflation fell in two Member States and rose in twenty-five,” Eurostat said.
The lowest annual inflation rate was seen in Malta with 4.5%, followed by France (5.1%) and Portugal (5.5%).
Meanwhile, the highest annual rates were posted by Lithuania (15.6%), Estonia(14.8%) and Czech Republic (11.9%).
“In March, the highest contribution to the annual euro area inflation rate came from energy (+4.36 percentage points),” it added.